At about that same time, early 70's, I also made a pipe bag, somewhat similar to yours. Instead of lazy stitch, I did the beading on a loom. So, I can guarantee you that there are more than a few hours involved in making that pouch. I did mine in one very long day, because I just knew if I put it down, I probably would never pick it up again.
As to value, I don't have a clue. Like all things hand made, it is difficult to get what it is worth, including the time taken to make it, even at minimum wage.
I wound up giving it to the widow of one of my very best friends, as a place to hold his ashes after he died of cancer, maybe 25 years ago.
John